HeartSciences Inc. today announced its financial results for the fiscal year ended April 30, 2025. The company reported no meaningful revenue for fiscal year 2025, reflecting its ongoing development and pre-commercialization phase. This financial outcome underscores the substantial investments made in research, development, and regulatory processes.
As of April 30, 2025, HeartSciences had approximately $1.1 million in cash and cash equivalents, and $0.2 million in shareholders’ equity. The independent registered public accounting firm expressed substantial doubt about the company's ability to continue as a going concern, highlighting the critical need for additional funding. Subsequent to year-end, the company raised an additional $3.1 million in gross proceeds from a Series D Preferred Stock Offering.
Despite the financial challenges, HeartSciences achieved significant operational milestones during FY2025. The MyoVista Insights platform was launched in May 2025 with an early adopter program, and its first commercial customer, Westcliffe Health Innovations, was signed in May 2025. The company also received FDA Breakthrough Device designation for its Aortic Stenosis algorithm in June 2025 and completed patient recruitment for its MyoVista wavECG FDA validation study, with submission planned for calendar 2025.
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